Sub-Saharan countries left out in financial growth progress- Kadaga

Sam Ibanda Mugabi

Sam Ibanda Mugabi

, Business

The Speaker of Parliament Rebecca Kadaga, has expressed concern that most sub-Saharan African economies have been left out of the progress of financial growth thus putting them on a parallel growth pattern compared to Middle Eastern countries.

Kadaga made the remarks at the 8th Annual Investment Meeting (AIM) in Dubai, which brought together countries engaging in trade with the United Arab Emirates; with a major focus on foreign direct investments (FDIs).

“What are your plans for sub-Saharan Africa? You’re talking about Egypt, yet your airlines receive huge ticket inflows from Africans traveling to the UAE for business,” Kadaga noted.

The meeting launched on 9 April 2018, was officiated over by the Minister for Economy of the United Arab Emirates H.E Sultan Bin Saeed Al Mansoori, who noted that for cross investments to be possible, regional economic and investment data would have to be considered.

“Development efforts, policies of economic diversification and enhancement of productive capacities adopted by a number of countries have led to improved GDP rates,”  Al Mansoori noted.

He added that it was critical to address some of the major FDI issues facing both developed and developing countries so as to strengthen investment directed towards global economic growth.

On the sidelines of the meeting, the Speaker engaged in discussion on the use of technology to grow the economy, where she noted the need to retool judges, lawyers and lawmakers to appreciate the need to expedite laws on technology.

“Technology is moving very fast and the laws to accompany the changes must be done quickly. We’re in talks with the investors, to see how they can help us in this regard,” said Kadaga.

On the day, the Speaker also interacted with Ugandan entrepreneurs living in Dubai, on ways how to promote industrial growth back home and in which enterprises Ugandans in the diaspora can invest their money as well as how they can by supported by Government.

The three day 2018 Annual Investment Forum has attracted delegates from countries from Africa, Asia, Europe and the USA; and is premised on the theme Partnership for inclusive Growth and Sustainable Development

 

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